Mar 15, 2006

Mexico Announces Massive Oil Find

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(Veracruz, Mexico) Mexican President Vicente Fox today announced the discovery of a new deep-water oil field, which may contain as much as 10 billion barrels of crude.

The field is in the Gulf of Mexico, and Mexican officials believe the find could be have greater yield than the country's largest oil field, Cantarell.

The exploratory well - named Noxal 1 - was drilled at a depth of 3,070 feet below the sea. The oil is located another 2.5 miles under the seabed.

"With Noxal we will begin a new era of oil exploration in our country," Fox said aboard the an oil platform. "We have been investing $5 billion a year in exploration, and that work, that investment, is now bearing fruit."

Mexico is the world's fifth-largest oil producer, with a 2004 production rate of 3.83 million barrels per day. The country, which is not a member of OPEC, is the ninth-largest exporter of oil at 1.80 million barrels per day.

9 comments:

Anonymous said...

Ole!

Lisa Renee said...

Maybe it will help their economy so they can provide a better style of living for their residents.

Stephanie said...

I was just kind of thinking something like that...

If Mexico is the fifth-largest oil producer, why is it so poor?

Stefan Schmidt said...

If Mexico is the fifth-largest oil producer, why is it so poor?---Steph

Like Saudi Arabia is the ‘epitome’(using this word liberally) of opulence…

In all seriousness--- Mexico is not poor (in relation to much of the world), it however it is poorer than the USA but so is much of the world (they just don’t share an immediate border with us).

Peahippo said...

Even at #5, Mexico is so poor since there is little culture of government assurance of common prosperity. Mexico (effectively, the 51st state of Capitalist USA) would not be caught dead allocating oil wealth towards social programs.

In contrast, Venezuela is trying to change that trend in Central and South America. They are diverting oil proceeds into social programs. This is why Robertson essentially advocated assassinating Chavez. The elites in America believe far too strongly in the rights of private wealth over the common prosperity.

The US has no need to invade Mexico like Iraq in order to control her oil fields. The capitalist classes between the US and Mexico are in far too much collusion to ever require that, like with the US and Saudi Arabia.

M A F said...

Vincente Fox appears to be jocking for client-state status with the US. He might eve be able to work out a deal that keep insures that poverty remains a central issue facing Mexico.

Stephanie said...

Stefan,

Saudia Arabia has a lot of wealth. It just doesn't get distributed to the common people in the form of goods and services very much. The Saudia Arabian royalty are extremely wealthy, even in comparison to American standards.

Stephanie said...

"... that poverty remains a central issue facing Mexico..."

How else is he going to be able to continue advocating that the citizens he doesn't want coming over here illegally and getting away with it to provide our corrupt businesses with cheap-ass laborers?

Hooda Thunkit said...

Mexico (as well as the U.S.) needs to learn something from Venezuela.

Does not the natural resources of a country belong to the citizens of that country instead of the govenment of the royals/elites?

Now, I'm not saying that whomever brings these resources to market shouldn't profit, but I am saying that their profit should be tempered by a realistic portion of each sale going to the citizens, for their betterment.

Maybe then we could go after our own natural resources, to benefit us instead of another nation.

Buy at home and we should benefit at home, which means American companies harvesting American resources...